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After opening the day in green, Stock markets in India are trading lower presently. Losses are largely seen in healthcare stocks and PSU stocks.

The BSE Sensex is trading down by 68 points and the NSE Nifty is trading down by 22 points. Meanwhile, the BSE Mid Cap index is trading down by 0.3% while, the BSE Small Cap index is trading down by 0.5%. The rupee is trading at 68.08 to the US$.

Indian investors are not unfamiliar with sharp market corrections. But a long bull market tends to erase the memories of the previous turmoil.

Of course, it is typically the small and midcap stocks that bear the maximum toll of a sharp market correction. They are the first ones to nosedive. But when markets are in a state of panic, fear feeds upon itself.

You must remember that during such times, even the stocks of some of the strongest business tend to succumb to weak sentiments. The crash of 2008 saw some of them correct by over 50%!

And there is no reason why this may not repeat in the coming market correction.

Can Bellwethers Correct by 50%?

But should you lose confidence during such periods of underperformance?

Tanushree Banerjee, Editor of The 5 Minute WrapUp, goes by the wise words of Howard Marks...

• "Every investor who's unwilling to throw in the towel on outperformance, and who chooses to deviate from the index in its pursuit, will have periods of significant underperformance. In fact, since many of the best investors stick most strongly to their approach-and since no approach will work all the time-the best investors can have some of the greatest periods of underperformance."

In such an environment, it makes sense for investors to be selective while buying stocks. Focus on value and the underlying fundamentals of the business. Then, they need not worry about the market.

So, what is key to identifying potential multibagger stocks? How does one pick them at the right time and ride them to their full potential? How many multibaggers do you really need to achieve the big riches that you desire?

Most importantly, are there any stocks right now that could turn out to be multibaggers? Click here to know everything that you need to know right now about mutlibagger stocks...

In the news from the pharma sector. As per an article in a leading financial daily, Cipla has received final approval for its Abbreviated New Drug Application (ANDA) for Testosterone Cypionate Injection 100mg/ml and 200mg/ml from the United States Food and Drug Administration (USFDA).

Cipla's Testosterone Cypionate Injection 100mg/ml and 200mg/ml is AO-rated generic therapeutic equivalent version of Pharmacia and Upjohn's Depo-Testosterone.

It is indicated for replacement therapy in males in conditions associated with symptoms of deficiency or absence of endogenous testosterone.

According to IQVIA (IMS Health), Depo-Testosterone and its generic equivalents had US sales of approximately US$191 million for the 12-month period ending April 2018.

To know more about the company, you can access to Cipla's latest result analysis and Cipla stock analysis on our website.

Cipla share price was trading up by 0.4% at the time of writing.

Moving on to the news from the oil & gas sector. As per an article in a leading financial daily, India Oil Corp. is facing increased cost pressure due to crude oil spike.

Reportedly, every US$10 per barrel rise in the price of crude oil raises working capital cost by about Rs 5 billion per year and cost of fuel consumed internally by US$0.9 per barrel for IOC.

The company uses about 9% of the oil it buys as fuel at its refineries. Higher crude prices also result in the company borrowing more in working capital, which translates into higher interest outgo of Rs 4-5 billion per year for every US$10 increase in crude oil price.

Lower crude oil prices until last year had helped refiners sharply cut their borrowings. Indian Oil's borrowings fell to Rs 320 billion at the beginning of 2018 from Rs 860 billion in March 2014, mainly after lower crude prices shrank working capital need.

But this trend is set to reverse now with prices rising again.

Crude oil has risen 60% in a year to about US$75 per barrel, a sharp recovery after going to US$28 in January 2016 from US$116 in June 2014.

Prices of refined products generally follow the crude oil trend globally, and Indian refiners align local prices with international rates. But sometimes during the poll season, state firms, under political pressure, aren't able to fully pass on the price hikes to retail consumers.

Indian Oil has been diversifying its import basket to reduce dependence on any specific region and seek competitive rates. It also set up an office in Singapore last year to procure crude oil. Its Singapore desk has so far purchased about 8 million barrels of oil worth about half a billion dollars, the reports noted.

IOC share price was trading down by 1.1% at the time of writing.

To get more updates on share market, click here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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